Sinclair Lewis titled a 1935 anti-fascist political satire, "It Can’t Happen Here." The message was, of course, "it" — whatever it may be — can happen here if we cease to pay attention. Such sentiment applies to the idea the dollar might become a low-interest funding currency for the rest of the world, just as the yen has been for years. The yen carry trade was the subject of June 2007’s "A closer look at the carry trade." A carry trade involves borrowing a low-yielding currency, selling it, and then lending in a higher-yielding currency.